Turkish lira’s woes ripple into northern Syria's economy

The plummeting value of the Turkey’s lira is beginning to take its toll on the Turkish zones of occupation in northern Syria, Al Jazeera reported on Saturday. 

Residents in the region complain that prices change daily for products like produce as well as those for rent and transportation. Local business people also lament that it is beginning to cost more to sell their goods than it does to produce them.

These territories adopted the Turkish lira in 2020 after the Syrian pound crumbled beneath pressure from U.S sanctions against Damascus. While it provided them protection against the depreciation of the pound, it has left residents of these regions exposed to the fluctuations of the Turkish lira in recent years.

The current exchange rate from the Syrian pound to the lira is 285 pounds to one lira. For a region that is heavily dependent on the Turkish economy, fluctuations in the lira deeply impact the impoverished and displaced populations of northern Syria that are under Turkish administration.

This block is broken or missing. You may be missing content or you might need to enable the original module.